Many people enjoy keeping their lives as private as possible. Numerous Maryland residents may believe that their business should remain out of the public eye, and because of this desire, they may have some hesitation when it comes to estate planning. After creating a will, the document goes into the public record, which many parties may find displeasing. Luckily, a revocable living trust could offer more privacy.
There are many aspects of the probate process that remain public, but a trust could help avoid probate. As a result, a person may have the ability to better shield his or her personal affairs from the public eye. Indeed, when used correctly, a trust could eliminate the need for probate proceedings altogether, which could also allow heirs and beneficiaries to obtain assets more quickly.
Additionally, unlike a will, a trust document does not go on public record. This means that in order to view the contents of the trust, a person must be granted specific access. By keeping such information private, an individual may rest easier knowing only those desired can gain knowledge on the trust contents.
Creating a revocable living trust may offer many benefits to Maryland residents who desire privacy. Additionally, this type of trust can allow for alterations over time and allow individuals to have more control over their assets. If parties would like to gain more reliable information on this estate planning option, they may wish to speak with experienced attorneys who could provide answers to relevant questions regarding trusts and other planning options.
Source: tcpalm.com, "Advantages of a revocable living trust", Robert D. Schwartz, Aug. 3, 2017